Cerebras falls 8% after chipmaker forecasts shrinking margin in first earnings report since IPO

Andrew Feldman, co-founder and CEO of Cerebras Systems, holds the Wafer Scale Engine 3 chip at the Nasdaq MarketSite in New York on May 14, 2026. Michael Nagle | Bloomberg | Getty Images Cerebras said revenue almost doubled in the AI chipmaker's first earnings report since its initial public offering last month. The stock fell 8% in extended trading as the company forecast a drop in its gross margin. Here's how the company did: Loss per share: 22 cents Revenue: $193.4 million The company's revenue increased 92% in the first quarter from $99.5 million a year earlier, according to a statement . Net loss narrowed to $14 million from $23.9 million, or 46 cents per share, a year ago. Capitalizing on investor interest in infrastructure for running AI models, Cerebras went public on the Nasdaq in May. After pricing its IPO at $185, Cerebras saw its stock open at $350 and close at $311.07. The shares have since dropped 28%, closing on Tuesday at $226.72. Cerebras said its core gross margin, or the profit left after accounting for the cost of goods sold, will shrink to between 36% and 38% in the second quarter from 46.5% in the first. The company said it expects core revenue growth of 88% from a year earlier to $914 million. And full-year core revenue will be between $855.5 million and $865 million, representing 69% growth at the midpoint, Cerebras said. Founded in 2015, the Cerebras raised over $6 billion in the offering, the most for a U.S. …